Kortrijk, Belgium--Steelcord producer NV Bakaert SA has reported first quarter sales of posted first quarter sales of Euro462 million, down from Euro 507 million a year earlier, although this reflects the sale of Bekaert's fencing division. Revenues of advanced wire products increased by around 20 percent, to â‚¬400 million (consolidated) and â‚¬655 million including minorities shareholdings. Sales growth was especially strong in South America.
Referring to its advanced wire division, Bekaert said, "Sales prices are considerably higher compared to the first quarter of last year, due to the sharp rise in raw materials' prices which marked 2004. Sales were negatively affected by currency movements."
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Press release from Bekaert
Story from AFX